The Cable Management Accessories Market is estimated to be valued at US$ 2.85 Bn or US$ 2.85 billion in 2023 and is expected to exhibit a CAGR of 6.7% over the forecast period from 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Cable management accessories include various products such as cable ties, cable lacing, cable management panels, racks, hooks & clips, identification devices, cable duct, conduits, and raceways that protect, hold, support, identify, route, and organize cables and cords in residential, commercial, industrial, and infrastructure facilities. Cable management accessories provide cable protection, organization, and aesthetically pleasant installations while offering maximum accessibility to cables and cords. They ensure proper installation and facilitate future modification of cabling systems by holding cable bundles neatly in position. The increasing use of cables across industries such as IT & telecommunication, construction, and manufacturing is driving the growth of the cable management accessories market.
Market Dynamics:
One of the key factors driving the growth of the cable management accessories market is the increasing construction activities across the globe. Rapid urbanization and industrialization has led to high demand for infrastructure development which requires massive usage of cables for power transmission and distribution. For instance, according to the United Nations Population Division, around 68% of the world population is expected to live in urban areas by 2050. This is augmenting the demand for cables and related accessories from the construction industry. Furthermore, advancements in materials such as use of stainless steel for cable ties is gaining popularity owing to properties such as corrosion resistance and durability. Stainless steel cable ties can withstand harsh environments and offer lifelong usage without rusting or discoloration. Their reuse capability is also spurring their adoption in various end-use industries.
Segment Analysis
The cable management accessories market is dominated by the industrial segment, accounting for over 35% of the global market share in 2023. Within the industrial segment, the manufacturing sub-segment accounts for the largest share due to a high demand for cable management accessories from industries such as automotive, oil & gas, chemicals, and food & beverages. The manufacturing sub-segment is dominating as proper cable management is crucial in these industries to avoid cable tangling and enabling smooth industrial operations.
PEST Analysis
Political: Growth in infrastructure projects across regions will positively influence the market. Supportive regulations regarding use of cable management accessories in industries will boost adoption.
Economic: Rise in investments towards industrial automation and growing construction industry are fueling market revenue. However, downturn in global economy can hamper market growth.
Social: Increasing awareness about benefits of cable management such as improved safety and workplace organization is driving the market.
Technological: Adoption of advanced cable management solutions for wireless connectivity and use of materials such as steel and aluminum alloy for durability is witnessed.
Key Takeaways
The Global Cable Management Accessories Market Size is expected to witness high growth, exhibiting CAGR of 6.7% over the forecast period, due to increasing investments in industrial automation and rapid industrialization. The market size for 2023 is estimated to be US$ 2.85 Bn.
Regional analysis: North America dominates the market and is estimated to grow at a CAGR of 5.4% during the forecast period. This is attributed to rise in manufacturing, construction, and automotive industries in the US and Canada. Asia Pacific exhibits the fastest growth, owing to growing industrial and infrastructure development in China, India, and South East Asian countries.
Key players operating in the cable management accessories incorporate Partex Marking Systems USA, Cooper Wiring Devices, Schneider Electric SE, Chatsworth Products, Inc., Legrand SA, Weidmuller Interface GmbH & Co. KG, Thomas & Betts Corporation, Anixter Inc., HellermannTyton Group PLC, Panduit Corp., TE Connectivity Ltd., Cembre SpA, Klauke GmbH, and CableOrganizer.com LLC. Key players are focusing on new product launches and partnerships to strengthen their foothold.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
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